Dec 01 Tyhee Reports A 39% Increase In The Gold Resource At The Main Zone At Clan Lake, Yellowknife Gold Project, NWT Canada
Press Release
Source: Tyhee Development Corp.
On 8:30 am EST, Tuesday December 1, 2009
http://finance.yahoo.com/news/Tyhee-Reports-A-39-Increase-cnw-985971175.html?x=0&.v=1
VANCOUVER, Dec. 1 /CNW/ - Tyhee Development Corp. (TSX Venture, TDC) today announced a revised resource estimate for its Yellowknife Gold Project, representing a 39% increase in the Indicated Gold Resource at the Clan Lake Main Zone.
Tyhee is pleased to report an Indicated Resource of 3 million tonnes grading 3.64 gpt gold containing 354,000 ounces of gold in the Clan Lake Main Zone. This brings the total Measured and Indicated Resource for the Yellowknife Gold Project to 1.95 million ounces of gold plus an Inferred Resource of 269,000 ounces of gold.
The Yellowknife Gold Project includes five zones with gold resources on four properties north of Yellowknife, NWT. The Clan Lake Main Zone is one of nine gold zones within the 6.5 kilometre long Clan Lake Structure (the other eight gold zones do not host a reported NI 43-101 resource). The Main Zone has been drilled tested for 600 metres of strike length out of 1,300 m of exposed strike length. Drilling has tested shallow levels for the north-western third of the zone (averaging less than 100 m depth). The south-eastern half of the Main Zone has not been drilled.
"The potential at Clan Lake is only now being recognized," reports Dave Webb, President & CEO of Tyhee Development Corp. "The addition of 100,000 ounces of Indicated Gold to our resource is better than expected. This is a 39% increase in total contained gold resource and a 17% increase in the average grade at Clan Lake Main Zone. Given the much reduced exploration budget for 2009, this represents our lowest finding cost at less than $5 per ounce. We have very high expectations for our winter drill program which is planned to commence in late January."
Progress continues on the Preliminary Feasibility Study and metallurgical samples are currently being processed. Permitting work continues in conjunction with the above mentioned study, focusing on the Ormsby and Nicholas Lake Zones.
Tyhee Development Corp. is a gold exploration and development company working in the historic Yellowknife Gold Camp, NWT, Canada. It is the largest property holder in this camp and has the largest exploration and development program underway in the region. Its principal asset is the Yellowknife Gold Project that includes the Nicholas Lake and Ormsby Gold Zones, the Goodwin Lake Property (13 km south of the Ormsby Zone), and the Clan Lake Property (27 km south of the Ormsby Zone). All are located on mineral claims and mining leases 50 to 90 km north of Yellowknife, NWT. (Note: only Nicholas Lake and Ormsby Zones have been included for permitting purposes).
Tyhee completed fire assays on samples using 30 gram aliquots with ICP-ES finish for gold analyses (Group 3B), prepared at Acme Analytical Laboratories Ltd. in Yellowknife, and finished at Acme Analytical Laboratories Ltd in Vancouver. A semi-quantitative multi-element analysis is run on 0.5 gm aliquot samples leached in a hot aqua regia solution and measured using ICP-ES techniques (Group 1D). Tyhee conducts a rigorous QA/QC program of inserting blanks and duplicates in the field and standards in the laboratory. The laboratory also conducted their own independent QA/QC program including inserting their own standards and rerunning samples from pulped material and reject material. These results were provided to Tyhee. All standards, duplicates, blanks and check assays returned acceptable results. Mr. V. Pratico, P.Geol., the designated QP within the meaning of NI 43-101, has reviewed this release and approves of its content. The NI 43-101 report will be filed on www.sedar.com within 45 days of this release.
Tyhee's shares trade on the TSX Venture Exchange under the symbol "TDC".
This news release contains forward-looking statements, which address future events and conditions, which are subject to various risks and uncertainties. The Company's actual results, programs and financial position could differ materially from those anticipated in such forward-looking statements as a result of numerous factors, some of which may be beyond the Company's control. These factors include: the availability of funds; the timing and content of work programs; results of exploration activities and development of mineral properties, the interpretation of drilling results and other geological data, the uncertainties of resource and reserve estimations, receipt and security of mineral property titles; project cost overruns or unanticipated costs and expenses, fluctuations in metal prices; currency fluctuations; and general market and industry conditions. Forward-looking statements are based on the expectations and opinions of the Company's management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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Table 1. Yellowknife Gold Project Resource Summary
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Measured Indicated M + I Inferred
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Ormsby Zone
Tonnes 3,003,000 7,898,000 10,901,000 223,000
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Grams per Tonne 3.41 3.42 3.42 3.14
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Troy Ounces, Gold 329,000 869,000 1,198,000 23,000
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Nicholas Zone
Tonnes 1,249,000 1,484,000 2,733,000 955,000
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Grams per Tonne 3.81 3.32 3.54 3.92
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Troy Ounces, Gold 153,000 158,000 311,000 120,000
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Bruce Zone
Tonnes 791,000 791,000 396,000
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Grams per Tonne 3.31 3.31 2.76
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Troy Ounces, Gold 84,000 84,000 35,000
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Clan Main Zone
Tonnes 3,021,000 3,021,000
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Grams per Tonne 3.64 3.64
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Troy Ounces, Gold 354,000 354,000
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Goodwin Vad Zone
Tonnes 971,000
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Grams per Tonne 2.91
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Troy Ounces, Gold 91,000
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Resource Totals Measured Indicated M + I Inferred
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Tonnes 4,252,000 13,194,000 17,446,000 2,545,000
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Grams per Tonne 3.53 3.45 3.47 3.29
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Troy Ounces, Gold 482,000 1,465,000 1,947,000 269,000
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The Ormsby, Bruce, Goodwin Vad and Clan Main Zones are at a 1.25 gpt
cutoff. The Nicholas Zone is at a 1.1 gpt cutoff.
The resource estimates are based on geological models for which the nature and orientation of the mineralization is derived from observation of underground and surface exposures and diamond drill core. The inclusion of geological data results in a more robust resource estimate. The resource estimates conform to National Instrument 43-101 policies. The cut-off grades utilized are reported without economic implications. Cut-off grades are supported by the report prepared for Tyhee Development Corp entitled "NI 43-101 Technical Report on the Preliminary Assessment of the Yellowknife Gold Project" dated August 30, 2008. Details for Ormsby, Nicholas Lake, Bruce and Goodwin are disclosed in a report prepared for Tyhee Development Corp entitled "Report on the Resource Estimate of the Yellowknife Gold Project" dated March 4, 2009 available on www.SEDAR.com or www.tyhee.com. Samples greater than 65 gpt gold were cut and reported as 65 gpt. Samples were composited into 1.5 m lengths. ID(2) techniques were used to estimated 3m cubic blocks using an 80m x 40m x 10 m ellipsoid within a geological model that delineated brecciated and silicified rocks.
No economic viability is implied by the cut-off grades or the mineral resource estimates. Only Mineral Reserves as defined by National Instrument 43-101 have demonstrated economic viability. The mineral resource estimates will be affected by environmental, permitting, taxation, socio-economic, marketing, political, mining, metallurgical and infrastructure issues.
For further information
Tyhee Development Corp., David Webb, President and CEO, Tel: (604) 681-2877, info@tyhee.com
Envoy Strategic Partners, Jay Bedard, Tel: (647) 344-1768, jay@envoystrategicpartners.com
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